37% of North American millionaires as of 2010 were women. By 2020, two-thirds of personal wealth is expected to be held by women. And 70% of widows leave financial advisors a year after their spouse's death. All of this means there's an opportunity for advisors. "Not only are women growing wealthier, but they are likely to develop long-lasting relationships with trusted advisors and recommend them to friends," said Kristin E. Barry, head of advisor resources for Vanguard.

"The median age of widowhood is 59.4 years, but women's average life expectancy is 81.3 years.4 And as an estimated $41 trillion is passed from one generation to the next over the next 40 years, many women are poised to inherit wealth," according to the report. That means advisors should get to know both spouses — not only to improve the advisor-client relationship but also to lower the risk of losing a client.

The stock market has been pretty volatile this year and investors are wondering what's next. In his latest quarterly letter, Grantham writes that the bubble will burst around or after the next U.S. presidential election. Here are his projections for the next two years.

1. "That this year should continue to be difficult with the February 1 to October 1 period being just as likely to be down as up, perhaps a little more so." 2. "But after October 1, the market is likely to be strong, especially through April and by then or in the following 18 months up to the next election (or, horrible possibility, even longer) will have rallied past 2,250, perhaps by a decent margin." 3. "And then around the election or soon after, the market bubble will burst, as bubbles always do, and will revert to its trend value, around half of its peak or worse, depending on what new ammunition the Fed can dig up."

Many advisors are great with investments but terrible at managing their business. In a new WSJ column, Valerie Porter, director of the Financial Planning Association's Research and Practice Institute, writes that a survey they conducted, showed that advisors said "effective time management is important to their business success, but that they struggle in this area."

"The survey results also suggested that advisers need a more refined model of client targeting," Porter writes. "If you don't have clients that are good fit, you can't create meaningful client relationships. A lot of advisers have an idea of the ideal client, but no formalized way of finding them."

In his Q1 investor letter, Daniel Loeb, CEO of Third Point LLC, writes that "looking back, perhaps our optimism at the beginning of the year was misplaced." While the U.S. economy seems to be coming off its low, this fall we should be prepared to "buckle our seat-belts."

"Despite its challenging start, it appears as we begin May that the U.S. economy is beginning to accelerate from the low levels of Q1. As a result, perhaps 2014 will be the year where one should not "Sell in May and go away". Nevertheless, it is important to keep in mind that by this Fall, we will have had negative real interest rates in the U.S. for a longer consecutive period than at any other time - even after the Great Depression. As tapering ends, most likely in October, and the discussion shifts to an impending first rate hike (probably around the time when unemployment is approaching 6% and inflation is ticking higher), we will have to buckle our seat belts for an inevitably more volatile environment."